A sudden spurt, and bets on Ether has the market chasing.
Time is ticking. The countdown puts more eyes on the potential of legal-Ether ETFs.
May was the expected deadline, but with the month’s end now approaching, the market gets the news of what seems to be the SEC’s move to approve. The Security and Exchange Commission’s decision to move Ether ETFs into legal territory hasn’t been made just yet.
The final steps, however, are in the works.
What’s stirring the sentiment is a change in mood by the SEC.
We find the SEC speaking with Ethereum developers to finalize a few key documents. Of them includes those that are necessary to approve Ether ETFs.
The details of the deal largely comes from the reporting of Bloomberg’s Eric Balchunas and James Seyffart. As investment analysts, the dual supported claims that the SEC has expedited their fillings for 19b-4 papers. These forms are a pivotal step in legalizing ETFs.
How Data Moves the Ticker
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We’re still in speculative space, but investment confidence is at its highest.
Dare we say, it’s bullish?!
On Monday, May 20, 2024, Ether hit $3,800 from $3,000 and continued to flirt with another rally toward $4,000. Anything below the 20% push we saw would’ve garnered less stares, but what’s happening, right now, are developments that WILL shock the crypto world.
Investors beware. The liquidity push isn’t likely to be retail investors, so look for prices to recoil before pushing back higher. If it wasn’t for the bullish sentiment investment firms have, the market might fail to move. Here’s a short list of agencies pushing for legal-Ether ETFs:
- BlackRock
- Fidelity
- Invesco
- Grayscale
- Bitwise Asset Management
Biggest Bets On Ether Since 2022
As it did on May 20, 2024, we expect to see Ether do what it did this Monday again.
Investors are responding, and the co-founder of the Nexo exchange has his own words:
“If the spot ETH ETFs are approved, altcoins should [also] take off [since] Ether is often a leading indicator for the rest of the crypto market.”
It’s No Surprise—Bitcoin Followed
American firms see Ether’s movements as a window to trade Bitcoin, which gives us confidence that nothing happening now is a fluke.
We’re all waiting on Bitcoin to break pass $75,000, which would correlate to the SEC legalizing Ether ETFs. Traders now await the results in suspense as others are already invested.
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You’ll find more than enough liquidity and a robust customer-service portal.
